South Korea's first female president took office on Monday and promised to "open a new era of hope" which will allow all citizens "to enjoy the benefits of economic development."

Speaking outside parliament, Park Geun-hye told the estimated 70,000 person crowd that she would provide a fairer distribution of wealth, adding that those people whose blood and sweat layed the foundation for the country's prosperity would reap the benefits.

“Koreans have made a great history of achieving both industrialization and democratization with their strong ‘can do’ spirit,” she said.